The foreign ministers of the United Arab Emirates, Sheikh Abdullah bin Zayed Al Nahyan, and Greece, Evangelos Venizelos, yesterday signed a memorandum of cooperation between the two states for the mutual promotion and protection of investments, seen as a message of trust from the UAE to Greece.

The Emiratis are said to be pleased with the agreement as it allows for immediate recourse to arbitration. On a business level, two important deals were also signed: one between Terna Energy SA and Abu Dhabi’s state energy company TAQA, and another between the Dubai-based state company Al Maabar and Lamda Development regarding the major project at the old Athens airport site in Elliniko.